Bitcoin SV denies messages according to which the blockchain would have fined three times. The whole thing is a misunderstanding and just due to outdated Node hardware, writes Bitcoin SV Lead Developer Daniel Connolly. But the incident shows one thing very clearly: Large blocks can lead to considerable problems.
Accordingly, it came in the course of the protocol updates, although complications. However, there can be no question that now three Bitcoin SV blockchains exist in parallel. Rather, there is a “proper” Bitcoin SV chain that allows for 2GB blocks, as well as a parallel blockchain that has implemented the old protocol rules. This is because a number of node operators have not installed the node update. The consensus rules of the two blockchains are incompatible – ergo Hard Fork.
So far, so good: That explains at least why there are two Bitcoin SV chains. But where does the third come from?
Protocol comes to a halt
Daniel Connolly, lead signer at Bitcoin SV, puts it this way:
On August 3, a member of the Chinese Bitcoin SV community subjected the network to a stress test. Over two million transactions were fired on the network. This resulted in two large blocks: a 210 MB block containing 808,633 transactions and a 183 MB block with 702,999 transactions. Unfortunately, a number of the full nodes run on inadequate systems that can not handle the amount of transactions. The network has not created a third fork, it just stopped working.
Between the lines, this explanation is a true oath of disclosure. Finally, with the turmoil of the protocol update occurred exactly what “small blocker” to Bitcoin (BTC) to Bitcoin Forks like Satoshi Vision repeatedly criticized: The decentralization suffers from large blocks. Not only that, the number of BSV nodes (number of Full Nodes: 4,359) is significantly lower compared to BTC Full Nodes (number of Full Nodes: 9,597). The few full nodes that currently secure the network also appear to be hopelessly overwhelmed by the exorbitant block sizes.
Image via Shutterstock